The numbers
Dax Harkins has been dismissed as chief executive of National Savings & Investment (NS&I) amid a scandal involving nearly £500 million in missing payments to bereaved families. The organization, which holds more than £240 billion for 24 million customers, is facing significant scrutiny as it attempts to rectify the situation affecting approximately 37,500 bereavement claims.
NS&I has acknowledged that due to administrative errors, families are collectively owed £476 million. This troubling revelation has raised concerns about the organization’s management and its ability to provide essential services during sensitive times. A spokesperson for NS&I stated, “We recognize that dealing with bereavement can be challenging and would like to apologize to anyone who has not received the customer service from NS&I that they should expect, particularly at such a sensitive time.”
Harkins, who was appointed chief executive in April 2023, had an annual salary and pension perks totaling £300,000. His leadership has been criticized, particularly in light of a £3 billion modernization program that has been described as a “full-spectrum disaster.” As NS&I grapples with these issues, Torsten Bell, a key figure in the organization, emphasized the importance of strong leadership, stating, “I want to make sure NS&I has the best leadership in place.”
In 2025 alone, NS&I received 211,800 new bereavement claims and repaid £4 billion in bereavement claims. However, the ongoing issues with missing payments have overshadowed these efforts. The organization has assured the public that it will prioritize reuniting beneficiaries with their money as soon as possible, and measures have been introduced to prevent such occurrences in the future. An NS&I representative confirmed, “The issue has been resolved for current and new bereavement claims and robust measures have been introduced to ensure this does not happen again.”
Historically, NS&I was established in 1861 as the Post Office Savings Bank, and it has evolved into one of the largest savings organizations in the UK. The current scandal marks a significant departure from its long-standing reputation for reliability and customer service. As the organization works to address the fallout from this incident, many are left wondering how it will restore trust among its customers.
Observers expect that the fallout from this scandal will lead to further scrutiny of NS&I’s operations and management practices. While the organization has taken steps to address the immediate concerns, the long-term implications for its leadership and customer relations remain to be seen. Details remain unconfirmed regarding the full extent of the administrative errors and how they will be rectified.
